That’s an exaggeration. The median price for new construction in 1980 was $64,600. [1] As for existing housing stock, the median home value in 1980 was $47,200. [2] As housing prices are heavily right skewed, the prices of cheap housing is far closer to the median than the price of expensive housing. Based on a cursory overview of some charts, it seems like the bottom 20% of houses are no more that 30% cheaper than the median, putting them in the $30k range.
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That’s an exaggeration. The median price for new construction in 1980 was $64,600. [1] As for existing housing stock, the median home value in 1980 was $47,200. [2] As housing prices are heavily right skewed, the prices of cheap housing is far closer to the median than the price of expensive housing. Based on a cursory overview of some charts, it seems like the bottom 20% of houses are no more that 30% cheaper than the median, putting them in the $30k range.
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1975 =/= 1980. Looks like housing went up 64% in those 5 years from the data I already linked.
The data isn’t relevant since it’s not for the area defined. We are talking about a specific geographic area. Kansas City proper.
Due to the white flight of the 70’s housing prices declined or only grew fractionally.
When my grandparents died, each of their homes only sold under 20k in the late 90’s early 20’s.
Comparing the price of home across the Midwest has nothing to do with the price in East Kansas City or SE where I went to school
Data instead of anecdotes?
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Curious, as the person who you were originally responding to deleted their comment. Is that per year or a one time expenditure?
Also, 36k is still literally 44-80% higher than your initial claim.